Saudi Ministry Warns Against Illegal Forex Trading Platforms

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Saudi Gazette report

JEDDAH – The Saudi Ministry of Commerce (MoC) has issued a stern warning, via its official Twitter account, against the foreign exchange market (FOREX).

The department said, “Do not lose your money because of your relationships with people or entities that promote unlicensed foreign exchange trading.”

The forex market for securities trading is global in scope. It attracts investors who are unfamiliar with the regulatory environment and unaware of the dangers of risking their money on illegal platforms.

Apart from the lack of proper safeguards to maintain and secure consumer funds, the entire registered capital may be lost as a result of such an undertaking, the ministry warned.

With the start of these investments, the Central Bank of Saudi Arabia, the Capital Market Authority (CMA) and the Ministry of Commerce have launched an awareness campaign to protect society from the dangers of dealing with suspicious websites that offer invest in securities without obtaining the necessary authorizations. licenses from competent authorities.

They also include examples of how unlicensed or fraudulent companies or individuals operate, as well as information about their innovative methods of luring their victims into illegal foreign exchange or cryptocurrency markets.

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